THE STOCK EXCHANGE OF HONG KONG LIMITED
(A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)
ANNOUNCEMENT
In relation to the matter of Ever Fortune International Holdings Limited
(Stock Code: 875)
Proceeding to the third stage of the delisting procedures
as stipulated under Practice Note 17 to the
Rules Governing the Listing of Securities on
The Stock Exchange of Hong Kong Limited (the Listing Rules)
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The Exchange announces that effective from the date of this announcement, the Company will be put into the third stage of the Delisting Procedures.
According to the Delisting Procedures, the Company will be given a final period of six months for the submission of a viable resumption proposal to the Exchange. If the Company has not submitted a viable resumption proposal as required, the Exchange intends to cancel the listing of the Company on the expiry of the six months from the date of this announcement (i.e. 10 September 2010).
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The Stock Exchange of Hong Kong Limited (the Exchange) announces that effective from the date of this announcement, Ever Fortune International Holdings Limited (the Company) will be placed into the third delisting stage in accordance with Practice Note 17 to the Listing Rules (the Delisting Procedures). Practice Note 17 formalises the procedures to be adopted in dealing with long suspended companies.
Dealing in the shares of the Company has been suspended since 28 April 2005. The Company was placed into the second stage on 9 June 2006. Under the Delisting Procedures, the Company will be placed into the third stage if no viable resumption proposal is submitted at the end of the second stage. Subsequent to placing the Company into the second stage, it submitted three resumption proposals. However, the Exchange determined that the Company’s proposals were not viable resumption proposals.
A viable resumption proposal will need to demonstrate that the Company has a sufficient level of operations or has tangible assets of sufficient value and/or intangible assets for which a sufficient potential value can be demonstrated to the Exchange to warrant the continued listing of the Company’s shares on the Exchange as required under Listing Rule 13.24.
In view of the absence of any viable resumption proposal and the Company’s continued failure to demonstrate its compliance with the requirements stipulated under Listing Rule 13.24, the Company will now be placed in the third stage of the Delisting Procedures. The Company will have a final period of six months for the submission of a viable resumption proposal and to remedy those matters that gave rise to the Exchange’s proposal to cancel the listing of the Company. A viable resumption proposal should be submitted at least 10 business days (as defined in the Listing Rules) before the expiry of the six-month period. If the Company has not submitted a viable resumption proposal as required, the Exchange intends to cancel the listing of the Company on the expiry of the six-month period from the date of this announcement (i.e. 10 September 2010).
The Exchange will make a further announcement in due course if the delisting takes place.